Report: Concepts Direct Chairman Tries to Take Company Private

Share this content:
Phillip Wiland, Concepts Direct Inc.'s chairman, president and chief executive, along with his wife, Linda, paid $669,765 for 1.24 million shares last week as part of an effort to transform the operation into a private business, according to a report in The Daily Camera, a newspaper in Boulder County, CO.


The transaction increases the couple's ownership level to 64 percent from 40 percent, according to the report, which also said that they may purchase additional shares in the cataloger and may extend another offer to buy Longmont, CO-based Concepts Direct. The Wilands submitted a failed bid earlier this year.


The report said that sales at the 250-employee operation "have been off," and Wiland said he foresees a greater chance of implementing ongoing turnaround efforts by obtaining enough ownership in the company to turn it private.


Concepts Direct's catalog titles include Snoopy, Garfield Stuff and Colorful Images.


The company, which eliminated 111 employees last summer and implemented pay reductions between 2 percent and 50 percent for 44 employees, has been experiencing quarterly losses and also reduced circulation.


Last year Concept Direct posted a loss of $6.9 million on sales of $51.7 million. In the prior year, it reported a loss of $3.1 million on $55.8 million in revenue.


Loading links....
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Since 1985, Melissa Data has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa Data offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here